SRS Distribution, a subsidiary of The Home Depot, has entered into a definitive agreement to acquire Mingledorff's, a leading wholesale distributor of heating, ventilation and air conditioning (HVAC) equipment, parts and supplies.
Mingledorff’s has 42 locations in five states across the southeastern United States.
The Home Depot, through its subsidiary SRS, has established a leading position in specialty trade distribution across multiple verticals including roofing and building products, interior and construction products, landscape and pool. SRS's acquisition of Mingledorff's adds HVAC distribution as a new vertical.
Mingledorff's brings an extensive product portfolio, robust distribution network and established customer relationships that are highly complementary to SRS's existing business, positioning the company to win greater share of wallet in the fragmented building materials distribution industry.
HVAC distribution represents a total addressable market of approximately $US100 billion and will increase The Home Depot's total addressable market to $1.2 trillion.
Home Depot president & CEO, Ted Decker, said SRS is a growth engine for the company.
“The addition of Mingledorff's will give us an incredible opportunity to build an enterprise-wide platform in HVAC equipment, replacement parts and supplies, creating another entry point into the broader distribution space,” Decker said.
Mingledorff’s president & CEO, David Kesterton, said joining forces with SRS and The Home Depot marks an incredible new chapter in the company's history providing a powerful platform to broaden its reach and impact.
Financial terms of the transaction were not disclosed.